Question

Normally, whenever a new video game console comes out, there is a shortage all over the United States. Graphically illustrate and fully explain where the shortage comes from, how the various roles of prices can come together to end the shortage, and why the final outcome is not necessarily the fairest outcome.

Answer 1

First of all, the shortage comes from excess demand and limited supply. Games newly brought about, if successful, result in high demand (more people wanting it). Usually, these video game makers are unable to foresee exactly how many people will buy the game, and so make too few. Usually newly released video games are highly priced.
A shortage could also come about because the game is just newly made. If it's a good game, everyone will want one immediately, but it might not be possible to make many in stock.

Graphically, you could illustrate it with a demand and supply chart. make sure there are high prices with high demand and low supply.

That should do the trick ;)